Key highlights:
- Coinbase confirmed it had filed notice registrations with the SEC for two derivatives businesses
- The exchange already offers similar contracts to customers outside the US
- Its shares reacted to the news, rallying 10%
COIN stock surged Wednesday after the company confirmed it had taken steps to bring single-stock perpetual futures to US traders. The shares climbed 10%, closing Thursday’s session at $192.70 amid the announcement.
Coinbase files two SEC notices for derivatives push
The jump came after Coinbase said in a post on X that it is "working to bring single stock perps to the US," attaching two regulatory filings submitted to the SEC on September 1.
We're working to bring single stock perps to the US.
This week, we filed SEC-notice registrations for our derivatives exchange and broker.
We'll be collaborating closely with the SEC and CFTC to bring more major financial products onshore. pic.twitter.com/6wvjLXRwih— Coinbase 🛡️ (@coinbase) September 3, 2026
The filings cover two parts of the company's proposed structure for offering the product domestically. Coinbase Derivatives, LLC submitted Form 1-N, the notice used by exchanges looking to list security futures products.
Coinbase Financial Markets, Inc. filed Form BD-N, covering its role as a limited-purpose security futures broker-dealer. The plan would see Coinbase Derivatives run the marketplace for the contracts, then Coinbase Financial Markets handle regulated customer access to them.
The products would fall under joint oversight from two regulators because single-stock futures use features of securities and futures products.
Coinbase Chief Policy Officer Faryar Shirzad said the company plans to work with the SEC and the CFTC as the process progresses. He added that the filings are "the first regulatory step" in bringing equity perpetuals onshore.
Equity perpetuals are coming onshore. This week@coinbase took the first step to offer them in the U.S on our derivatives exchange by filing notice registration documents with the @SECgov.
Equity perps have proven demand internationally, and we’re excited at the prospect of a…— Faryar Shirzad 🛡️ (@faryarshirzad) September 3, 2026
The company did not announce a timeline for the product or confirm which stocks would be available in the filing.
International products already recorded success
Coinbase had launched stock perpetual futures for customers outside the United States in March through its international exchange. The exchange made sure to bar US investors from using the service.
The product gives investors synthetic exposure to the Mag7 group of stocks, which includes Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. It also includes contracts linked to the SPY and QQQ ETFs, which track the S&P 500 and Nasdaq-100 indices, respectively.
Those overseas contracts trade continuously, including on weekends, and initially offered leverage up to 10 times on stocks and up to 20 times on the ETF contracts. Positions settle in USDC and can be cross-margined on other spot and perpetual holdings.
Notably, Coinbase uses a funding mechanism to keep contract prices anchored close to the value of the underlying shares. This lets traders hold leveraged long or short positions without owning the stock.
It is also worth mentioning that the terms used for the international product should not be seen as a preview of the US specifications, according to Coinbase. It was not shared whether domestic contracts would trade around the clock, offer similar leverage, or even feature the same seven stocks available overseas.
The company has been expanding its regulated derivatives business in the US. The exchange recently added new futures products and worked to expand access for institutional customers.
